The price of XRP suddenly surged over 32%, reaching its highest point of $1.43 in the past three and a half years, a high that last appeared in May 2021.
One major reason for this price increase is that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, announced that he would not be leaving until January 2025, which caused the stock market to rise. XRP also followed suit, jumping from $1.1 to $1.43 within 24 hours.
Additionally, an asset management company called WisdomTree launched a product in Europe that allows the purchase of real XRP, which further fueled the price increase.
Everyone is quite happy now, believing that Gensler's departure might mean a friendlier stance towards cryptocurrencies in the U.S. Ripple, the company, has been under scrutiny by the U.S. Securities and Exchange Commission, but it seems that its legal troubles are nearing resolution, which has also contributed to the rise in XRP's price.
From a technical perspective, the XRP price chart indicates that it may continue to rise. If it breaks through $1.43, it could potentially reach $1.65 or even $2 in the coming days. Of course, if the situation deteriorates, it might also drop to $1.31 or $1.26.
Moreover, Bitcoin is also on the rise, nearing $100,000, and the entire crypto market is trending upward.
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